Total Set to Retain Major Ugandan Oil License
From Fox Business
France’s Total SA (TOT) is set to retain a major oil license in the northern section of Uganda’s oil-rich Lake Albertine Rift basin, after striking a new oil discovery following months of extensive drilling activities, company and government officials have said.
The development is a major boost for the prospects of the company’s operations in Uganda, where the exploration license for the block, known as 1A, where the discovery was made was due to expire next month.
Honey Malinga, the assistant commissioner at Uganda’s state-run Petroleum Exploration and Production Department, told Dow Jones Newswires that the discovery would also boost the size of the country’s crude reserves, currently estimated at 3.5 billion barrels.
“Total will automatically retain the license, we have asked them to apply for an appraisal and production license for the block,” Mr. Malinga said.
By posting your comment, you agree to abide by our Posting rules